This blog was posted on March 18, 2020, and updated for comprehensiveness and accuracy.
Are you worried about how you'll get by with the lockdown or community quarantine imposed?
You're not the only one.
But hope is not lost, and there are ways to earn money and stay financially afloat in the midst of the coronavirus pandemic.
The world is no longer the safe place it used to be with the threat of COVID-19 lurking around the corner. Thus, the need to keep everyone at home and out of harm's way.
The preventative measures are all well and good. But for some, staying at home keeps them far from their source of livelihood and income. This is especially true for someone who is no “worker from home.”
But are you really going to let COVID-19 take control of your finances and your life?
We're providing you with a list of potential income sources to help you stay in the black in the time of coronavirus.
Quick navigation:
- Remote jobs
- Online marketing
- Paid online surveys
- Blogging
- Cashback rewards
- Online course
- Lending money
- Stock investing
- Online trading
- Referrals
- Dropshipping
- Skills/Talent
Online Income Sources You Can Explore
1. Switch to remote work
For many who are accustomed to a corporate setting, the transition to working from home can be jarring. You probably won't know what to do, what with the sudden change of work environment.
But give it a chance. Because the other option is likely to put you at greater risk.
Many companies today have made work-at-home arrangements for their employees to help cut down, if not eliminate, the spread of the virus.
But what about jobs where a remote arrangement is not possible?
Governments are appealing to employers to allow employees not to work for at least a month and pay them half of their monthly salary. The rest will be paid for by the government.
Lucky for those who can enjoy the privilege.
Even then, income might still not be enough.
It's most unlucky for those who are under no-work, no-pay arrangements.
Don't despair just yet.
You have skills, right? Otherwise, you won't be employed.
Maybe you are good at sales, providing information, or writing articles.
You can definitely use those skills to earn money online. Consider these options:
- Become an online English teacher.
- Work as a proofreader for an online writing company.
- Become a remote call centre agent or customer representative.
- Work as a virtual assistant.
- Become an online interpreter or translator.
- Work as a freelance writer and/or editor.
With the appropriate skills, your options are endless.
Where can you find remote/freelance jobs?
Some of these sites cater to a wide range of skills, while others are designated for specific fields. Kolabtree, for example, is where academics and scientists can find remote work.
2. Put your marketing skills and knowledge to work
Marketers are in demand both online and offline. If you happen to be one, earning money is more than possible.
Many businesses are in need of social media managers, someone to take care of their campaigns, or to create promotional materials.
They flock to Upwork, Problogger.net, and other online job sites to look for marketers.
Another platform that you can use is LinkedIn. So, register an account or update an existing one to boost your LinkedIn profile and make it searchable for, and accessible to prospective employers.
You can also become an affiliate marketer. While marketing chops are not necessarily a requirement to promote affiliate products, your knowledge and skills will be useful. Combine these with the range of affiliate marketing tools at your disposal and you can easily generate income online.
What's great about affiliate marketing is that some products offer recurring commissions for that automated income generation.
3. Complete online surveys
Got something to say on certain products or services?
You can earn from doing so through paid survey sites. The pay might be modest, but you don't need to do much to get paid, anyway.
These usually require you to complete a survey, participate in market research, share your opinion, or test mobile apps. Pretty simple, right?
The more frequently you participate, the more extra income you can earn.
Below is a list of legitimate sites for paid online surveys:
- Global Test Market
- Toluna
- SurveySavvy
- Prize Rebel
- YouGov
- Opinion World
- MySurveyAsia
- Give Us Your 2 Cents
Through paid surveys, your opinion not only matters but has monetary value as well.
4. Start your own blog
Stuck at a time that is sure to go down in history, you could chronicle what your day is like during the COVID-19 lockdown and publish it online.
The information you post could prove useful to other people, especially if you share ideas on how to stay productive during a home quarantine, easy-to-read updates from legitimate sources, or something similar. Your thoughts may also make a good source material the next time (god forbid!) another viral outbreak occurs.
If you happen to be passionate about writing, this could be your opportunity to explore what the writer in you can do.
You can then monetise your blog to make money. Done right, you are setting up a source of passive income.
Do affiliate marketing with your blog and you might find a good reason not to go back to your office job.
5. Earn back the cash you spent on shopping
Credit card rewards and similar programs let you earn cashback on your purchases, especially from approved merchants. Why not explore this option to make money?
Since it's a lot safer to shop online, find cashback apps and programs linked to online purchases.
ASOS Asia, for example, has some amazing cashback rewards, starting at 4%.
You're sure to find something similar on the web.
6. Create and sell an online course
Are you an expert on a specific trade, field or subject matter? You should create and sell online courses.
Given how most of us are still stuck at home and most schools have switched to online-based learning, this activity could be your source of income.
Even before the pandemic descended upon us and wreaked havoc, online learning has experienced massive growth, with the e-learning market in the US predicted to grow by as much as $21.64 billion between 2020 and 2024, and expected to hit $325 billion by 2025 on a global scale.
This is primarily due to several advantages, including:
- Increased retention rates from 25% to 60%, which is higher compared to the retention rate of face-to-face training at just 8% to 10%.
- Quicker completion time, requiring just 40% to 60% of an employee's time to complete corporate e-learning courses.
Based on these figures, it's easy to see how selling online courses can be lucrative.
For your convenience, you should use online platforms that will allow you to create and sell courses in one place and have your best interest at heart.
7. Earn interest-based income
If you have extra funds lying around, you could lend it to someone and earn from the interest the loan incurs. You can also use peer-to-peer (P2P) lending sites that can help lower your risk as a lender. While this isn't exactly the easiest way to earn money, it can be an option.
Two of the P2P lending platforms you can check out are Funding Circle and Peerform.
8. Invest in stocks
Investing in stocks can provide you with a decent income. If you gain mastery on stock selection, analysis, and other related activities, decent can become massive. The right stocks can earn you twice as much (maybe more) than what your 9-to-5 job has to offer. You just need to gain the knowledge and skills essential to stock investing.
9. Trade online
Online trading has made it easier and quicker to buy and sell currencies, gold, bonds, CFDs and other assets. If you’re stuck at home, this is a great way to earn money and stay engaged at the same time.
Just like stock investing, research and continuous learning are necessary when trading online. When you want to trade gold profitably, for example, you should also learn about the factors that affect its price movement and not just the right price to sell or buy.
Once you learn the basics, you can start trading small and then increase the lot size as you gain confidence in your skills and knowledge. You can also start with a demo account and then switch to a live account when you’re ready.
For increased profitability when trading online, learn How to Master the Right Mindset for Successful Trading.
10. Refer products/services
Consumers tend to trust recommendations from other consumers, which is why referrals can have a strong impact on a purchaser's decision. Because of this, many companies are willing to incentivise brand advocates or those who refer products to other people.
If you think you can be a brand advocate, turn it into an additional income stream. Take advantage of online referral business programs that pay well and require little effort from you.
11. Open a dropshipping store
Retail e-commerce sales worldwide have surpassed $3.5 trillion and continue to grow significantly as online shopping provides people with a safer alternative to in-person shopping. Why not take advantage of the situation and sell online? For a more cost-effective process, you can consider opening a dropshipping store.
The dropship model lets you sell products to your customers without the need to pay for inventory or storage space. A customer orders from you and pays you the retail price. You then forward the order to your supplier and pay for the product at a wholesale price. The supplier is then responsible for shipment or delivery.
Some of the best dropshipping companies are:
12. Earn through your skills/talent
The pandemic may have disrupted people's livelihoods but it's not enough to stop people from creating something positive out of the situation.
While many startups and entrepreneurial businesses have had to shut down or furlough or let go of their employees, some of the affected individuals have found opportunities amid the crisis.
This is especially true for people with saleable skills. If you have something similar, you just need to find a market and generate income from your skills or talent. For example:
- Photographers can sell photos online.
- Writers can write an e-Book or start a blog.
- App developers/programmers can create apps.
- Video creators can sell videos or generate income from views and likes.
- Marketers can bring clients for businesses through referral marketing or similar.
What's great about skills-based income is that you're in full control of how much you'll earn based on the quality and quantity of your output. Moreover, you can use your skills/talent to earn on the side or rely on them as your primary source of income.
To summarise…
Most online income sources have a low barrier to entry, which can mean that the market is highly saturated and competitive. This may require effort to stand out from the crowd, which can influence your income potential. Once you gain traction, however, you can earn as much as you want while doing less.
Online income sources such as selling videos and referral marketing can have recurring income while selling apps and blog writing can be expanded into several other income streams.
You can charge apps for a fee and then monetise ads. A blog can be used for affiliate marketing, ads monetisation, and as a platform to sell products/services where possible.
As for the initial investment, some income streams require that you sign up for a paid subscription or invest a small amount to get started. It all comes down to the platform and tools you need to start earning.
These are just some of the ways you can earn money online. Give them a try and you'll see that getting stuck at home is not entirely bad.
With the lockdown likely to be extended until further notice, it pays to know you have options.
If at the end of this crisis you'll discover a new passion, then the coronavirus might have just done you a favour, albeit a small one.
How else can you start earning income in times of crisis? Through a recession-proof vehicle like Forex trading, of course! Start trading with Fullerton Markets today by opening an account with us:
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